The financial statement that shows the beginning balance of owner's equity; the changes in equity that resulted from new investments by the owner, net income (or net loss); withdrawals; and the ending balance, is the:
A) Statement of financial position.
B) Statement of cash flows.
C) Balance sheet.
D) Income statement.
E) Statement of changes in equity.

Question

Quizplus · Accepted Answer

The statement that shows the beginning balance of owner's equity and the changes in equity resulting from new investments, net income or loss, withdrawals, and the ending balance is the statement of changes in equity. This statement tracks the changes in the equity section of the balance sheet over a specific period of time.

The Financial Statement That Shows the Beginning Balance of Owner's